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We should ban banks from risk-taking because society is going to pay the price.
Nassim Nicholas Taleb
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Nassim Nicholas Taleb
Age: 64
Born: 1960
Born: September 11
Author
Economist
Essayist
Mathematician
Philosopher
Statistician
University Teacher
Writer
Nassim Nicholas Najib Taleb
Nassim Taleb
Risk
Society
Going
Bans
Banks
Price
Pay
Taking
More quotes by Nassim Nicholas Taleb
Private equity has absolutely no reason to exist. The private equity holder has all the upside and the banks all the downside.
Nassim Nicholas Taleb
Maximum of an average is necessarily less volatile than the average maximum
Nassim Nicholas Taleb
When you ask people, 'What's the opposite of fragile?,' they tend to say robust, resilient, adaptable, solid, strong. That's not it. The opposite of fragile is something that gains from disorder.
Nassim Nicholas Taleb
Prediction, not narration, is the real test of our understanding of the world.
Nassim Nicholas Taleb
The more data we have, the more likely we are to drown in it.
Nassim Nicholas Taleb
The characteristic feature of the loser is to bemoan, in general terms, mankind's flaws, biases, contradictions, and irrationality - without exploiting them for fun and profit
Nassim Nicholas Taleb
Forecasting by bureaucrats tends to be used for anxiety relief rather than for adequate policy making.
Nassim Nicholas Taleb
I've debated many economists who claim to specialize in risk and probability: when one takes them slightly outside their narrow focus, but within the discipline of probability, they fall apart, with the disconsolate face of a gym rat in front of a gangster hit man.
Nassim Nicholas Taleb
Older people are most beautiful when they have what is lacking in the young: poise, erudition, wisdom, phronesis, and this post-heroic absence of agitation.
Nassim Nicholas Taleb
A good maxim allows you to have the last word without even starting a conversation.
Nassim Nicholas Taleb
Failure saves lives. In the airline industry, every time a plane crashes the probability of the next crash is lowered by that. The Titanic saved lives because we're building bigger and bigger ships. So these people died, but we have effectively improved the safety of the system, and nothing failed in vain.
Nassim Nicholas Taleb
You have a real life if and only if you do not compete with anyone in any of your pursuits.
Nassim Nicholas Taleb
When you write, you don't have the social constraints of having people in front of you, so you talk about abstract matters.
Nassim Nicholas Taleb
It was obvious that their profits were simply cash borrowed from destiny with some random payback time.
Nassim Nicholas Taleb
But it remains the case that you know what is wrong with a lot more confidence than you know what is right.
Nassim Nicholas Taleb
There is no effective difference between guessing a variable that is not random, but for which information is partial or deficient, and a random one. In this sense, guessing (what I don't know, but what someone else may know) and predicting (what has not taken place yet) are the same thing.
Nassim Nicholas Taleb
By setting oneself totally free of constraints, free of thoughts, free of this debilitating activity called work, free of efforts, elements hidden in the texture of reality start staring at you then mysteries that you never thought existed emerge in front of your eyes.
Nassim Nicholas Taleb
Steve Jobs, Bill Gates and Mark Zuckerberg didn't finish college. Too much emphasis is placed on formal education - I told my children not to worry about their grades but to enjoy learning.
Nassim Nicholas Taleb
Stoicism is about the *domestication* of emotions, not their elimination.
Nassim Nicholas Taleb
I remind myself of Einstein's remark that common sense is nothing but a collection of misconceptions acquired by age 18.
Nassim Nicholas Taleb
